Ethical issues involved in financial reporting
By successfully completing this assignment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
Competency 2: Recognize ethical issues involved in financial reporting.
Assess the cultural and social environment and the effect on ethical financial reporting for multinational entities.
Competency 3: Distinguish the differences between ethical and legal issues.
Recognize the differences between IFRS and generally accepted accounting principles (GAAP) and where they are applicable.
Competency 4: Communicate professionally according to the expectations of the field of accounting.
Communicate in a manner that is professional and in accordance with the expectations of the field of accounting.
Assignment Instructions
Since more and more companies have international components, an understanding of IFRS, international ethics, and the international environment are essential to executing your duties regarding international financial statements and audits.
Respond to the following questions from your course text. Your paper should be no less than 800 words and no longer than 1,200 words and be compliant with all APA composition and referencing requirements.
Questions
Audit firms are expected to establish and maintain a system of quality control. PCAOB inspections often cite the lack of quality controls as a deficiency of audit firms. What role does leadership play in developing the kind of quality control system that supports ethical decision making in audits?
Explain how the circumstances under each of the following might reflect failed leadership by auditors and the audit firm:
- Under-reporting of time on an engagement.
- Premature sign-off on audit procedures.
- Accepting weak client explanations for accounting.
Moral legitimacy refers to the generalized perception or assumption of observers that the actions of an entity are desirable, proper, or appropriate within some socially constructed system of norms, values, and beliefs. Explain how moral legitimacy might be applied to assess the actions of audit firms.
Other Requirements
Your paper should meet the following requirements:
- Written communication: Written communication should be free of errors that detract from the overall message.
- APA formatting: Your paper should be formatted according to APA sixth edition style and formatting.
- Length: 3–5 typed and double-spaced pages.
- Font and font size: Times New Roman, 12 point.
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